Credit unions serving government employees continue to assist members as the government shutdown heads into its third week.
At Arkansas Federal Credit Union, members affected by the shutdown may be eligible to receive a match to their pre-established direct deposits. Members in good standing with pre-established checking accounts and a direct deposit from the federal government may be eligible for short-term, interest-free loans.
“We’ve already had quite a bit of interest from members,” says Valerie Erkman, senior vice president of marketing at the Jacksonville, Ark., credit union. “We haven’t funded any loans yet, but we anticipate payday to trigger loan funding requests from members.”
Arkansas Federal began receiving higher call volume after the New Year, she adds. “I think that’s when the reality really set in; after the holidays. “We’re here to lessen that impact financially any way we can.”
VSECU in Montpelier, Vt., offers a low-rate “Member Emergency Loan” up to $1,500 to help replace the lost wages of furloughed federal employees, including military personnel. Staff quickly processes loan applications to reduce members’ financial uncertainty.
“It’s a frightening prospect to suddenly lose income at any time of the year, but winter in Vermont is an especially difficult time to find yourself suddenly without funds,” says Valerie Beaudin, VSECU’s head of consumer residential lending. “VSECU is here to support our members, and together we’ll get through.”
United Federal Credit Union in St. Joseph, Mich., offers affected members:
“When unexpected circumstances impact our members’ lives, United steps up to help them through it,” says Erin Hennessy, chief innovation and marketing officer. “Even a slight disruption in someone’s finances can be stressful, especially when it concerns their job. United makes relief programs like these available so our members can breathe a little easier when times are uncertain.”
Northland Area Federal Credit Union in Oscoda, Mich., offers a no-fee, low-interest-rate loan for up to $1,500. The first payment is not due until 45 days from the date of signing. No credit bureau score is needed. The offer is valid for one month.
“Northland appreciates the service of our Federal Employees to our community and wishes to help them through this difficult time,” says CEO Pete Dzuris. “At Northland, we live the credit union motto of ‘people helping people.’”
Help from the Peach State
In Georgia, credit union across the state are stepping up with assistance. “Our tagline is ‘helping people afford life,’” said Janet Kircher, member experience event and media coordinator at United 1st CU, Kingland, Ga. “This is just another way for us to help exceed member expectations in a time of need.”
Hiway Federal Credit Union in St. Paul, Minn., offers affected members these relief efforts:
“Credit unions live by the model of ‘people helping people.’ At Hiway, our mission is to be with our members on the road of life, and that includes any bumps along that road,” says Dave Boden, president/CEO. “The shutdown may put people in a difficult financial situation, and we’re committed to helping.”
FedChoice Federal Credit Union, Lanham, Md., is assisting members with a wide variety of options to help them extend their funds during the shutdown. These efforts include furlough loans, loan refinancing and skip payments, which members can access through an online Furlough Center.
Frontwave Credit Union, Oceanside, Calif., is offering government shut down loans and penalty free loan extensions or skip-a-payments.“A government shutdown doesn’t just affect the government, it affects the lives and wallets of the hard- working men and women that serve our community and country,” said Bill Birnie, Frontwave president/CEO. “That’s why we’re 100% committed to fight for our members through these uncertain times.”